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Here we offer information related to the latest trends in the Blockchain Technology Industry along with news on the latest developments in the industry. Our articles impart knowledge on the multiple use cases of Blockchain Technology, AI, IT, Virtual World, and Big Data.

Understanding Blockchain and its Features

 

Leave blockchain aside. Let’s talk about the internet or world wide web, where we consume a lot of stuff, live here, make relations, do transactions, buy products, gets info and news, hence do everything. The Internet has closer the world than ever before.

And I am sure that at least once in a life, you have also gone through Wikipedia, an advanced form of a traditional encyclopedia, where decentralized Wikipedians post information to build the community. Rather than centralized or limited contributors, anyone can add information here that then freely available to anyone. And it also enables you to view the history of edits that have been made any time. 

So, when you already familiar with all such mechanism and technology, then what’s hard for you to learn about what is actually blockchain?

Unlike the word blockchain, it consists of several blocks that are linked together with chain using cryptography. This technology works on the democratic principle, which means that no one can add or delete or edit any information without the consensus of others and as soon as the block gets on the blockchain it becomes publicly available. Everyone can see it – even you.

Why Blockchain?

You may say that a blockchain is an advanced form of internet or some sort of Wikipedia with advanced features that brings all together more closely, relevantly and transparently. It is a decentralized platform that distributes the data all over the network without any centralized database. This ingenious technology promotes secure data storage, integration through distributed ledgers ensuring transparency and security against data tampering. 

Here are key-features of blockchain technology: 

Decentralized: 

Before blockchain evolution, our entire computerized system was centralized or controlled by a single entity. However, blockchain is a decentralized network, where anyone can add information here – similar in the case of Wikipedia. Here the control is shared by multiple independent identities.

Distributed Ledger:

However, blockchain is also a distributed ledger where data is not stored at a single physical place instead of distributed across various P2P networks. Or we can say that its parts exist in different locations, i.e., not a single server, PC or a device.

Transparent and Immutable:

Each block in the blockchain is connected to one preceding and one successive block in a tamperproof chain. Once the data is added in the blockchain it becomes permanent, not alterable or removeable. No one has access to remove data from the blockchain, and if a change occurs, a complete history of previous versions remain available. It also prevents duplication or forgery and data theft.

So, all these features of blockchain can address the transparency, security, and data issues that our financial, administrative, health, education, and other sectors are facing.

To know more about blockchain technology, its implementation and market scoop, keep visiting blockchain expert solutions.

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August 29, 2019

How Could Blockchain Technology Change Finance?

 

The trending cryptocurrency thrill is rolling over every sector in the current era. The Initial coin offerings (ICOs) are quite impactful on the traditional capital-raising. So evidently blockchain technology is strongly effective in the major transformation of the world. When benefits of revolutionary distributed-ledger technology is highlighted global banking system is the one which strikes the mind. So call it the payments, settlements or compliance, blockchain’s major attributes of decentralization, immutability, efficiency, cost-effectiveness and security are leading to a new major level of reshaping the financial services.

Application of blockchain in the Banking Sector:

Delayed transactions, extensive investment & minor results, frauds, money laundering all the major problems let the competitive environment of banking into the dens of desolation. Repetitive checking, investing time & resource into something which can be treated by a simple technology which allows to eliminate all the hassles which prevent the banks from achieving success. Modification is the key to major achievements when it comes to strategies of development. Have you ever considered getting your work done in applying the minimum resource? Have you ever experienced transparency when you’re managing multiple accounts? Have you ever thought of getting a cheaper, faster & secured system when it comes to transactions? Can you ever believe that your processes can be automated & the results can be achieved faster?

By implementing blockchain in banking sector all your queries can be resolved simply. The technology allows you digitize everything, from traditional cheque system to trade finance. The application of this technology would decentralize the system overall. This allows to remove the extensive time-consuming process of counterchecking and multiple participants. The chances of error is minimized as the technology offers extreme security & transparency. It goes from multiple parties to peer to peer computing banking, reducing number of entities. The manual process which takes ample time & resources is replaced with the decentralized ledger. The documentary fraud can effectively be eliminated. Apart from that eradication of exhaustive workload is insured. Moreover, the documents can be dealt intelligently and are verified in no time. Have you ever wondered how contented it feels to be on the same page? Blockchain technology empowers you in achieving the maximum results, consuming less time. As for the banks, the tiring process of LOC is shifted on Blockchain, saving time & money. That is the major reason for rapid growth in the sector of banking as it brings about massive results in a short span.

Banks today are now focused on improving their cross-border payment capabilities which could easily be addressed by this technology. All what we need is the acceptance of recent development exactly as the communication industry adopted internet for succession.


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August 29, 2019

What is blockchain?-Introduction to Blockchain and its benefits.

 

It is difficult to understand new technology particularly when the technology isn’t something that you can see and touch. Blockchain is one of those technologies. In most recent years, people started to take interest in Blockchain technology.

But most people out there have no clue about this technology. Here is the brief introduction of the blockchain for everyone who is looking to dig deeper into the subject.

Introduction to Blockchain

Blockchain definition is founded by Satoshi Nakamoto who is the founder of Bitcoin. Bitcoin is a digital currency, invented in 2008. In the past decade, with the revolution in technology, Blockchain is also growing very fast.

Blockchain is a decentralized network that distributes the data of its transactions all over the network. Blockchain was also published in Gartner’s Hype Cycle as one of the emerging technologies in the next 5-10 years.

Looking back to the half era of computer technologies are mainly centralized. Blockchain has distributed ledger that can store transactions. A distributed ledger is one of the keys, shifting from centralized to decentralized. So, Distributed ledger (also called shared ledger) can be described as a ledger of any transactions which is stored on different sites all over the network. There is no centralized database.

Key features of Blockchain

Here are some key features of the blockchain.

1) Decentralized System

2) Safer and Secure System

3) Immutable

1. Decentralized System:

Blockchain is a first decentralized system in which data are store on multiple sites. In which there’s no single authority that approves transactions. If one or more nodes fail, the database remains accessible.

2. Safer and Secure System:

Blockchain is the safe and secure system because Blockchain is series of blocks that store data in Hash functions with the timestamp that’s why data cannot be changed or overwritten. Banking and payments, cybersecurity, Supply chain Management, Forecasting, Network and Internet of Things, Insurance, Cloud Storage, Charity, Voting, Government, Public Benefits, Healthcare, Energy Management, Online music, Retail, Real Estate, Crowdfunding and many more are working on adopting Blockchain Technology to make their business faster, more efficient and secure.

3. Immutable:

One key feature of blockchain is immutable (unable to change). Most of the people think is it immutable? Yeah, it is. In blockchain, data cannot be changed. No duplications occur. Unchangeable records can be created. Once data has been written in blockchain we cannot change it, not even system administrator can change it. It is a key pillar of trust among strangers or even in smart contracts. It is useful for the database of financial transactions.

Use cases of Blockchain

Blockchain has abundant of use-cases, some of which are given below.

1.Blockchain in Banking Sector

Blockchain in the banking sector can help us to revolutionize it with amazing features. Our current existing banking sector depends on central authorities causing high charges and yet no security in contrast to Blockchain. If our banking institutions are converted to blockchain we will be able to save extra money going for the funding of central authorities while providing increased security and transparency. Blockchain shall not be limited to the monetary processes only instead they can be helpful in other industries including the medical field, music, art, loyalty programs, insurances, capital markets etc.

2. Data Credibility

Blockchain ensures the security and transparency of different forms of data. In governmental processes, for example, Blockchain can help us regulate the voting processes. Here it can be very helpful in avoiding the issues such as rigging and fake votes etc.

3. Real Estate Transparency

In real estate world, it can help us in validating the property rights and securing the property transactions which in turn can save us from stealing and fraud attempts on properties.

In the Supply Chain Management, Blockchains are currently being used to solve problems by eliminating the need for a trusted third party to certify raw materials, components, or finished products, as they travel through a supply chain.

From recent hype of blockchain and cryptocurrencies, it is no more an exaggeration to claim that Blockchain is, in fact, one of the most swiftly emerging technologies of the new era. Blockchain can help us solve the issues of traditional network systems ensuring maximum security, transparency and immutability making it almost impossible for the hackers to attack the network. It is already being incorporated in many businesses including loyalty programs, jobs portals, health sector, capital markets, real estate and many more. It is no doubt that we will be seeing blockchain as a common ingredient of many new startups.


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August 22, 2019

Blockchain in Medical Industry

Many people have perceived a lot about the blockchain in support of a cryptocurrency called Bitcoin; be that as it may, it can have a lot more extensive use than a straightforward instalment technique, including different enterprises. Things being what they are, how does blockchain work in the health care industry?

The health industry is a combination and incorporation of areas inside the financial framework that gives benefits and risk to treat patients with curative, hygienic, and therapeutic considerations.

Significance of blockchain technology in the Healthcare industry

Derivation of data and integrity

With a progressive increase in patient numbers, medicinal services providers need to manage increasingly more wellbeing information all the time. As the information volume builds every year, it winds up more earnestly for emergency clinics and centres to process and store data.

Data overseen by medical organizations contain:

  • Patient health information (PHI)
  • Electronic wellbeing records
  • Information gathered from IoT gadgets (Internet of Things) or checking frameworks
  • Medical protection claims
  • Ensure information wellbeing

Usage of Blockchain in Healthcare

As blockchain applications are very vast but in the healthcare, some figures show quick blockchain execution, with 37.9% foreseeing that it will take a maximum of five years to embrace it crosswise over medicinal associations. For the present, these associations and experts need instances of blockchain and how it tends to be useful in their field. Here, we will cover samples of blockchain use in the medicinal services industry, portraying existing issues in part and thinking about potential arrangements using this innovation.

Following are the usage issues of Healthcare in the blockchain:

Ease in the traceability of drug

Information security in clinical tests

Oversees the Patient information

The Health care industry consist of the following:

  • Hospitals and other public, private and voluntary organizations
  • Dentist and doctors
  • Defensive consideration and nursing
  • Medical equipment
  • Pharmaceutical and health insurance firms

One of the most remarkable advantages of using blockchain is the removal of a third-party mediator, which decentralizes records, improves the operational process, and reduce transaction cost. Around 14% of the healthcare industry is estimated to have a blockchain-based system by the end of 2018, while 70% are estimated to have invested in acquiring the blockchain on-board 2020.

Blockchain technology in the health industry is going to be controlled by the urgent need to improve the security of the computer system and online payment processing. Blockchain technology is already promoted as a significant interference among other industries. Blockchain technology is helpful in health care issues set aside save money from fraud, pharmaceutical products, and hence, conclusively influence the outcome of Healthcare.

Health industry plays an essential role in the country’s economy. However, federal rules and regulations, making this process more boring and lengthy.

Significant problems of health industry are Cybersecurity, Invoicing, and Payment Processing, the appropriate supply chain for drugs and medicines and patient identifier.

Whether you are familiar with the blockchain or not, but you have a thirst to implement something new and unique in your healthcare organization, which can build trusted patient care and accuracy of data.

The area of blockchain that will participate most in this industry is the transaction of data. Using of blockchain in the health care system for data transforming is estimated to reach a value of $1.89 billion by 2025. By digitally storing data without the need of any mediator would extraordinarily upgrade the present framework where specialists frequently make a considerable effort to accumulate odds and ends of patient’s information. Blockchain is also working on securing the identity of patients and collection of a detailed report of his patients such as age, name, sex, disease, treatment of illness, and preventive measures.

Health care firms researchers and the participants from other health care sector are paying special mind to approaches to discover what’s conceivable in the present occasions and what blockchain could improve and reasonable later on.

Let’s consider all of the above

Secure data sharing techniques, which permit both healthcare contributors and their secured operation to certify the rightness of information, are critical for assuring appropriate medical care. It is the place blockchain proves to be handy, as one of its fundamental focal points is information uprightness. At the point when data recorded and encoded, it ends up trying to change or eliminate.


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